There are many options for estate planning and no one plan will work for everyone. However, regardless of the size of the estate, a trust may be a good idea to consider. For anyone in Michigan who is venturing into estate planning, learning about the different types of trusts can help a family determine what may be the best course of action for them.
Individual needs and expenses may determine the type of trust that is best. One type that is common is a minor children’s trust. This is meant to provide for the needs of minor children. A generation skipping trust is a great option for grandparents who want to leave funds to grandchildren.